Business Management

Protect Your Data the Way Banks Protect Your Money

Provided by CA Technologies

Category Business Management

Type White Paper

Length 11

Publish Date February 14 2018

Date posted February 14 2018

Overview

Enterprise security traditionally relied on a fortress strategy that locked down user endpoints and created walls around the network. Today, this strategy cannot support or secure the use of mobile devices and SaaS capabilities, which exist outside the fortress. As a result, Chief Information Security Officers (CISOs) have been looking for new solutions that can secure these technologies today, and adapt as threats and business needs change. The credit card industry’s security model is one example that provides a new way to think about risk and contain it—that is, if you can see past the occasional bad rap it’s gotten from attacks and breaches. While credit card data breaches are often big news stories, they haven’t severely damaged the industry. In fact, they’ve shown that while fraud remains a persistent global threat, it’s also a consistently manageable one. The resilience of credit cards is exactly why their security model is worth understanding—and emulating. For example, Target’s much-discussed security breach caused significant pain for the company and its customers. Yet, overall use of credit and debit cards did not decline. According to the 2016 Federal Reserve Payments Study, the number of credit card payments reached 33.8 billion in 2015 with a value of $3.16 trillion, up 6.9 billion or $0.61 trillion since 2012. Consumers may have shopped less at Target stores for a time, but they were using payment cards and electronic payments more than ever. More important, despite repeated and significant compromises of credit card data over the past two decades, payment card fraud has been held at a tolerable level.

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